This book deals with the economic consequences of monetary integration, which has long been dominated by the Optimal Currency Area (OCA) paradigm. In this model, money is perceived as having developed from a private sector cost minimization process to facilitate transactions. Not surprisingly,...

Orthodox economists, whatever their vintage, are puzzled: How could the current deep recession triggered by the 2008 financial crisis be worsening despite the efforts being made to return to stability? For a brief moment after the crisis, Keynes became fashionable, but his ideas have again been...

With recent turmoil in financial markets around the world, this unique and up-to-date book addresses a number of challenging issues regarding monetary policy, financial markets and macroeconomic policy.

Money, Distribution and Economic Policy takes issue with the inappropriate treatment of money, effective demand and distribution issues in modern mainstream macroeconomics. It presents contributions which are critical of modern orthodoxy and which explore alternative approaches to macroeconomics...

The current crisis is one of the great crises punctuating the long history of capitalism, and to be properly understood it is vital to take into account its ongoing structural transformation. This book offers plural perspectives on the Great Recession, placing the analysis of finance, class and...

To convince international financial investors of the high real value of the Euro, the EMU has established rules that must be enforced in both the short and the long run. These rules are explained and the economics behind them criticized in the context of a monetary production economy in which...

Will the French economic policy of the new president likely be a replay of the deflationary policies of the early 1980s? These two economists believe it may. Oddly, they argue, the policy reflects the traditions of an Austrianinfluenced right-wing economic philosophy and a Marxist ideology...